NEW YORK CITY—SL Green Realty has closed on a new $600 million construction facility for 410 Tenth Ave., the REIT's 636,000 square foot Manhattan office redevelopment anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by Goldman Sachs and Wells Fargo Bank.
At closing, the new 5-year facility replaces the previous $465 million construction facility that was put in place in 2019, with SL Green repatriating $33.9 million.
"This financing reflects the global capital market's continued confidence in Class-A, quality Manhattan office assets with strong, credit rated tenants, and specifically exemplifies the resiliency of New York City," said Andrew Mathias, president of SL Green in prepared remarks. He added that the project will be completed in the third quarter of 2021.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
